Pre-Open Daily Tech idea_31.01.2022

Pre-Open Daily Tech idea_31.01.2022

Last Friday Day to Day basis Nifty corrected 8 points, settled at 17101.95.

Higher Op 17208 then High 17373. Failing to cross 17400 barrier in 2nd half corrected heavily, erased total gain low 17077.

Nifty formed a Shooting Star type along with upper shadow bearish candle pattern formation on the daily charts.

As coming week is a Budget week so Volatility will remain high. Cautious stance should be maintained. Trade with strict stop losses and prefer hedged positions.

Intraday basis Levels:-

On the upside :- If bulls manage to defend 17077 levels then Expected Resistances are :- 17225—17270—17315 & major 17377.

On the down side :- If Nifty breaks 17077 then Expected Supports are :- 17015—16940 -16900 & major 16866-830.

Swing basis Levels :-

R1 17413 - R2 17590 - R3 17777 - R4 17888

S1 16830/770 - S2 16600 - S3 16410 - S4 16000

LOC on the upside 17600 & LOC on the down side 16600

On the option front, maximum Call open interest was seen at 18000 followed by 17500 and 17300 strikes. Maximum Put open interest was seen at 16500 followed by 16000.

India VIX closed at 20.69 R:- 24+ S: 19.50 & below that 18.10.

Source : Eureka

Please register at https://kyc.eurekasecurities.net/home/index/729 for opening Trading and Demat Account.